Biden

Joe Biden

Standard

Reported by The Block: US spot bitcoin ETFs saw daily net outflows of $13.62 million yesterday.
Grayscale’s GBTC had net outflows of $32.38 million.
The 11 U.S. spot bitcoin exchange-traded funds saw total daily net outflows of $13.62 million on Tuesday, returning to negative flows after five straight days of inflows.
Grayscale’s GBTC saw net outflows of $32.38 million, followed by Bitwise’s BITB, which lost $6.76 million, according to SosoValue data.
On the other hand, BlackRock’s IBIT had $14.12 million worth of inflows, and Fidelity’s FBTC saw inflows worth $5.42 million. VanEck’s bitcoin fund recorded $3.51 million, and Ark Invest and 21Shares’ ARKB reported $2.48 million in net inflows on Tuesday.
The 11 bitcoin funds had less than $1 billion in trading volume on Tuesday, which is significantly lower than the height of March trading with a daily volume of around eight to ten billion dollars. The ETFs have accumulated a total net inflow of $14.64 billion since their January inception.
Meanwhile, the price of bitcoin dropped 3.51% in the past 24 hours to $60,876 at the time of publication, according to The Block’s bitcoin price page.
The price drop came despite a Tuesday report from Standard Chartered predicting that the top cryptocurrency could hit its all-time high in August, followed by an increase to $100,000 by the time of the U.S. presidential election in November.
However, in a “least likely” scenario of the current U.S. President Joe Biden stepping out of the election race, bitcoin prices could further drop to the range of $50,000 to $55,000, Standard Chartered forecasted.

US spot bitcoin ETFs returned to net outflows yesterday

TokenInsight

Other articles published on Jul 3, 2024

SYS Labs & Syscoin Ecosystem Update

Ethereum Leads Bitcoin By 2x In Network Fee Revenue, Thanks to Layer-2s

K33 Says “Big Month is Here”, Claims Balance Between Bitcoin and Ethereum Will Be Shaken

Expert Analyzes Factors Behind Bitcoin Price Weakness and Predicts Positive Turnaround

Stateless Joins Forces With Laconic To Launch Transformational Light Client Solution For Ethereum

Will the BTC Price Hold $60,000? Here’s Why Bitcoin is Consolidating Below $62,500!

Join our free newsletter for daily crypto updates!